OECD predicts Brexit impact will be less than expected on UK growth

But 'unpredictablility of Brexit' remains a major downside risk

Brexit will have less of an impact on the British economy than initially thought, according to the Organisation for Economic Cooperation and Development (OECD) who revised up its UK growth forecasts.

According to its November Economic Outlook, UK growth forecasts were revised from 1.8% to 2% this year, and from 1% to 1.2% in 2017. The OECD, along with the Bank of England, was one of the forecasters criticised for over-exaggerating the impact Brexit would have on the UK economy. Financial system 'worse than 2007', warns OECD Although the forecast assumes the UK will obtain the ‘most favoured nation' status under the World Trade Organisation when it leaves the EU in 2019, the uncertainty surrounding the negotiations provides a major downside risk, Bloomberg reported. The OECD ...